Gold wins the race to heights 16/10/2023

Gold prices jumped upward to achieve significant gains at the end of last week’s trading within the positive outlook as we expected, exceeding all targets to reach the official target 1913, recording its highest level of $1932 per ounce.

Technically, and with careful consideration, we find that gold prices were able to break the pivotal resistance level of 1913 represented by the 61.80% Fibonacci retracement and turned into a support level according to the concept of exchanging roles. We find the simple moving averages continuing to support the daily upward curve.

With intraday trading above 1913, the upward trend remains the most likely during the day, targeting 1945 as the first target, considering that breaching the aforementioned level increases and accelerates the strength of the upward trend, as we await 1953 as the next stop.

Trading stability below 1913 with the closing of an hour candle below it may invalidate the activation of the proposed scenario, and we will witness a rapid decline towards a retest of 1890.

Note: The level of risk is high

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1890.00	R1: 1953.00
S2: 1846.00	R2: 1974.00
S3: 1825.00	R3:  2017.00